NASSAU, BAHAMAS — Members of the Opposition met with representatives of The Bahamas Petroleum Retailers Association (BPRA) on Tuesday to discuss a wide range of concerns, with the association underscoring the increased burdens experienced by the business community and how these have affected their fixed profit margins.

According to a statement by the Opposition, the BPRA outlined the history of their discussions with the government, sharing details about their costs, revenues, and the impact on their business. They proposed that their fixed profit margin be a fixed percentage of the cost of fuel instead of the current fixed price of $0.54.

In its February 26, 2024, letter to the Prime Minister, the Association emphasized the urgent need for increases to the 0.54 cents per gallon of gasoline and 0.34 cents per gallon of diesel margins, citing significant cost escalations over the past decade-plus.

The last margin increase for petroleum dealers occurred in 2011 under the Hubert Ingraham-led Free National Movement (FNM) government, granting a $0.10-cent increase per gallon of gasoline and a $0.15-cent increase per gallon of diesel.

During a recent weekly press briefing at the Office of the Prime Minister, Simon Wilson declined to provide an update on negotiations but asserted that they have not stalled.

Among the pressing concerns noted by dealers during their meeting with the Opposition is the difficulty in renewing their business licenses.

The Opposition expressed solidarity with the retailers regarding historically high rental and franchise costs paid by retailers to wholesalers. All parties voiced concerns about the unfair advantage created when some wholesalers entered the retail petroleum business without incurring rent and franchise fees.

Mr Pintard confirmed his party's commitment to addressing these issues and shared his views on the way forward. He also expressed his intention to continue consulting and collaborating with the Association while addressing the cost of gasoline.

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